CATL released its 2026 semi‑annual report on July 24, 2026, posting robust top‑line and bottom‑line growth amid accelerating global new energy penetration. In the first half of 2026, the company booked total operating revenue of RMB 276.92 billion, representing a 54.80% year‑over‑year increase. Net profit attributable to parent shareholders reached RMB 43.28 billion, up 41.98% year‑over‑year, while non‑recurring adjusted net profit amounted to RMB 39.01 billion, rising 43.44% from the prior year period.
Strong growth momentum persisted throughout the second quarter of 2026. Q2 revenue came in at RMB 147.79 billion, growing 56.92% year‑over‑year and 14.45% quarter‑over‑quarter. Attributable net profit reached RMB 22.55 billion, reflecting 36.46% annual growth and 8.72% sequential growth, with non‑recurring adjusted net profit hitting RMB 20.92 billion, up 36.13% year‑over‑year and 15.63% quarter‑over‑quarter. The company’s Q2 gross margin settled at 23.15%, down 2.42 percentage points year‑over‑year and 1.66 percentage points quarter‑over‑quarter, while net profit margin declined to 15.26%, falling 2.83 and 2.35 percentage points on an annual and sequential basis respectively, mainly driven by industry‑wide cost and pricing dynamics.
Global Leadership in Power and Energy Storage Battery Shipments with Expanding Market Share
CATL maintained industry‑leading production efficiency and capacity expansion momentum in H1 2026, with total battery system output reaching 498 GWh and a high capacity utilization rate of 94.86%. The company currently holds 764 GWh of battery capacity under construction and has established CATL Resources Group to strengthen vertical integration across lithium, nickel and phosphate raw material supply chains, securing long‑term production stability. According to SNE Research, the firm’s overseas market share expanded to 33.7% during January–May 2026, rising 3.7 percentage points year‑over‑year. As its overseas manufacturing bases gradually mature in operation and scale, CATL will continue to deliver high‑performance, reliable battery products and comprehensive services to global mainstream automakers including VW, Stellantis, BMW, Mercedes‑Benz, Volvo and Toyota, paving the way for sustained overseas market penetration.
(1) Power Battery Business: Steady Global Market Share Expansion
CATL’s power battery business generated H1 2026 revenue of RMB 192.13 billion, up 46.02% year‑over‑year, with a gross margin of 20.63%, representing a mild year‑over‑year contraction of 1.78 percentage points. Per SNE Research data, the company’s global power battery installation market share advanced to 40.2% in the January–May 2026 period, lifting 2.2 percentage points annually. Its manufacturing projects in Hungary and Spain are progressing steadily to support overseas capacity ramp‑up. Equipped with advanced third‑generation Shenxing and Kirin battery technologies, the company’s products support a peak charging rate of 15C, delivering differentiated performance advantages.
Data from the China Automotive Battery Innovation Alliance shows that CATL captured 46.7% of China’s passenger vehicle battery installation market in H1 2026, marking a 5.6 percentage point year‑over‑year improvement. Its domestic ternary battery market share further climbed to 75.2%, up 4.3 percentage points annually, firmly consolidating its dominant position in the high‑end power battery segment.
(2) Energy Storage Battery Business: Rapid High‑Growth Trajectory
The company’s energy storage battery business delivered explosive growth in the first half of 2026, achieving revenue of RMB 53.26 billion, a year‑over‑year surge of 87.54%, with a gross margin of 23.96%, down 1.56 percentage points from the previous year. Ranked the world’s top vendor by energy storage battery shipments in H1 2026 (Xinlu Information), CATL has officially launched and commenced mass delivery of its TENERStack Tianheng sodium‑ion energy storage system, while actively expanding high‑growth application scenarios centered on AI data center energy storage.
Sodium‑ion Battery Industrialization Inflection Point and Rapid Expansion of Emerging Businesses
The sodium‑ion battery industry is approaching a large‑scale commercial inflection point, with CATL leading industrialization progress. The company has launched upgraded sodium‑ion battery products and the Tianheng sodium‑ion energy storage platform, and secured a three‑year strategic cooperation with Haibosch for a total 60 GWh sodium‑ion energy storage project pipeline, effectively accelerating industry‑wide mass adoption of low‑cost sodium‑ion solutions.
CATL is also rapidly expanding emerging high‑growth businesses to open new long‑term growth curves. In the AI data center sector, the company provides full‑stack energy supply and power management solutions for AI computing infrastructure, integrating advanced power electronics and grid‑computing coordination technologies through strategic investment and industrial collaboration. In the low‑altitude economy sector, its subsidiary Eviation Aero has completed conversion flight tests for the world’s first 5‑tonne eVTOL aircraft SkyDragon, advancing into the official airworthiness certification phase. Meanwhile, its 2‑tonne cargo eVTOL model CarryOwl has obtained Type Validation Certification (VTC) from Indonesia’s civil aviation authority, becoming the world’s first eVTOL vehicle to acquire such certification and establishing first‑mover advantages in global low‑altitude logistics markets.
Large‑scale Share Repurchase Demonstrates Confidence in Long‑term Growth
CATL’s large‑scale share repurchase plan signals strong management confidence in its long‑term growth trajectory. Announced on July 24, 2026, the share cancellation repurchase program ranges from RMB 20 billion to RMB 40 billion. The company plans to repurchase A‑shares via centralized bidding transactions at a maximum price of RMB 573 per share, covering approximately 0.75% to 1.51% of total outstanding shares. The substantial repurchase scheme underscores the firm’s robust cash flow strength and positive outlook for future industrial expansion and value growth.
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